Rome Wins the Global Race for the World’s First Property Auction on Blockchains

LOS ANGELES/June 14, 2018 (STLRealEstate.News) — With all eyes fixed on cryptocurrency, a centuries-old Roman mansion, the famous Palazzetto, is making history as the world’s first property to ever be auctioned on blockchain on June 28th, 2018. The auction will be hosted by Hilton & Hyland, the country’s leading luxury brokerage with 3.3 billion in annual sales through an online collaboration with Propy.com, a global property store and decentralized title registry, that facilitated the world’s first property transferred on blockchain.

The auction demonstrates the security that blockchain technology brings to real estate—an impenetrable record that cannot be manipulated or destroyed. In 2017, 20 homes were sold with cryptocurrency worldwide and that number is set to increase in 2018. To date, the most expensive home ever to be sold using cryptocurrencies was a 7 bedroom Miami estate purchased with 455 bitcoins, an equivalent value of $6 million. Real estate has been one of the most exciting uses of the blockchain because it accelerates the closing process, and minimizes fees by recording titles through “smart contracts” digitally that are stored on the blockchain forever and immutable.

“We’re excited to partner with Hilton and Hyland to add another first to the list—making the hallowed tradition of auctions more transparent and secure using distributed ledger technology,” said Natalia Karayaneva, founder of Propy.

ABOUT THE PALAZZETTO:

In the heart of Rome, a minute walkable to The Coliseum and Vatican City lies The Palazzetto, a 16th century masterpiece built by the famous architect and sculptor Giacomo Della Porta. The mansion is composed of 17,362 sq ft or 1613 meters including 11 bedrooms, 15.5 bathrooms, a enchanting private garden; and a sprawling rooftop terrace that provides breathtaking 360 degree views of the Eternal City including the Dome of St. Peter. Fully renovated the property can be used as an income property with three separate units or conjoined into a four story luxury residence. A priceless collection of furniture and frescos from the 16th – 19th century are included with the property. The Palazzetto is a one of a kind opportunity to own a piece of Renaissance updated with all the modern day amenities.